12 November 2013

European Commission notes that wind in Malta’s sails gaining strength

GozoNews 8/11/2013: The Finance Ministry said tat it welcomes the remarks by the European
Commission, as presented in its European Economic Forecast for Autumn
2013, published on Tuesday.

“The Commission’s remarks are further validation that the Maltese
economy is gradually picking up speed, thanks to the prudent fiscal
administration and forward-looking policy approach of the new
Government,” the Ministry said.

The Minister for Finance Prof. Edward Scicluna said that “it is quite
telling that the Commission carried over the metaphor of the strength
of the wind in Malta’s sails, which I had described to them in our
meetings last April as being quite feeble. I had in fact asked the
Council not to impose any corrective actions which would stall our
boat.”

The Commission notes that Real GDP surprised positively by growing by
2.8 per cent in the first half of 2013, up from 0.8 per cent in
2012.The Commission also notes that Real GDP is forecast to grow by 1.8
per cent in 2013 as a whole, and 2 per cent in the following years.
These rates exceed the Government’s own prudent forecasted rates, The
Ministry said.

The Ministry welcomes the Commission’s remarks regarding Job Creation
and Employment, wherein it noted that “Job creation surprised
positively in the first half of the year thanks to the tourist sector
and the newly-emerging, labour-intensive...read on.